While the inherent strength of the Islamic finance has contributed to its viability and resilience, foundations for the sustainability of Islamic finance need to be continuously strengthened. Various stakeholders should understand the Shari’ah principles that determine Islamic finance and the application of these principles in the Islamic financial services, products and instruments; as well as the various Islamic modes of investment, financing and risk mitigating alternatives. The full comprehension of these fundamental principles is achievable through a comprehensive study and research. Read More...

Talent Development Program (TDP)

Introduction to CSAA

CSAA program is designed to equip candidates with the requisite technical understanding and professional skills on Shari’ah compliance and review processes for the international Islamic banking and finance industry. Through the CSAA program, candidates will gain advanced knowledge on:

Roles and functions of various Shari’ah compliance and review processes in financial institutions.

If you are a FRESH SHARI’AH GRADUATE and would like to build your career in fast growing Islamic Banking & Finance Industry, then this advertisement may open the door to your dreamed career path!

The Concept of the Programme

This is a “working & training” programme. YOUNG AND FRESH SHARI’AH graduates who have great interest to work in Islamic finance industry will be recruited -on contract and FULL TIME basis- by ISRA under this two yearsprogramme. Attractive allowances and other benefits will be paid throughout the contract period. The participants will be equipped with necessary tools and experiences to become a good Shari’ah officer. At the end of the contract, there will be high possibility for the participant to be employed by the Islamic financial institutions.

Requirement and Qualification

Participants of the programme should possess the following criteria:

A great interest to work in Islamic finance industry.

Very good command of Arabic language.

Good English communication skill is an advantage.

Obtained a Bachelor Degree in Shari’ah from recognised local or international universities (Bachelor degree in Shari’ah, Muamalat, Jurisprudence, Islamic Law, Fiqh, Usul al-Fiqh or its equivalent);

Obtained a minimum CGPA of 3.50 or its equivalent;

Programme Description

During the programme, the participants will be trained at ISRA through the following methods:

Introduction to CIPA

What is CIPA?

“CIPA” stands for Certified Islamic Professional Accountant and it is one of the two flagship qualifications which are offered by the AAOIFI. It was launched in 2006 and relaunched in 2017 after a three-year long overhauling process.

CIPA is the only internationally recognized qualification in accounting for Islamic financial institutions, catering to all banking, investments, and Takaful segments. The CIPA program is intended towards development of, and enhancing of, industry’s human resource capabilities by developing experts for Islamic finance accounting and financial reporting, audits, and Shari’ah audits.

Objectives of CIPA

The CIPA qualification aims at achieving the following objectives:

To develop in-depth understanding and application abilities of the requirements of the AAOFI Financial Accounting Standards (FAS) in respect of presentation of financial statements and financial reporting of Islamic Financial Institutions (IFIs);

To ensure that candidates understand the process and techniques of carrying out the audit in accordance with the principles of accountancy as well as with the International Standards on Auditing;

To equip candidates with the understanding of the fundamentals of business and business management and the role of an accountant in relation to governance, tax, compliance and risk management in an organization;

To provide the understanding of the basic foundations for Shari’ah compliance underpinning in Islamic banking and finance, and to develop strong application abilities of the requirements of the AAOFI Shari’ah standards; and

To equip candidates with comprehensive understanding of the requirements of Governance in an organization from Shari’ah perspective.

Who is CIPA for?

CIPA is for professionals, executives, as well as for students who are currently involved, are studying for, or have interest, in accounting, auditing, and finance, especially for the Islamic banking and finance industry, such as:

Accountants and Auditors

Shari’ah Auditors

Islamic finance practitioners, bankers, and professionals

Undergraduate or graduate students aspiring for an accounting career in Islamic banks

Three Reasons for Getting the CIPA Qualification:

After successfully passing all CIPA module exams and fulfilling practical experience requirement (PER), you will become a CIPA Fellow. You stand to gain the following benefits by joining the 1000+ strong group of CIPA Fellows worldwide:

Prestige of using the letters “CIPA” after your name’

Getting officially recognized by AAOIFI and the Islamic finance Industry – AAOIFI is a global standard-setting organization for the Islamic finance industry and supported by around 200 institutions, including 20+ central banks, from over 45+ countries; and

Finding more career opportunities for both personal and professional growth – There is a huge and ever-growing demand for experts of AAOIFI Shari’ah, accounting, auditing, governance, and ethics standards. CIPA Fellows are recognized for their knowledge and expertise and are always preferred over non-CIPA candidates

Comparison

Items

Old CIPA

New CIPA

Gap Analysis & Benchmarking

No

Yes

Structure

Single course

Four modules

Language

English and Arabic

English and Arabic

Average Study Duration

4 months

1+ years

Study Textbooks

AAOIFI Standards

(1) FAR = Financial Accounting & Reporting

(2) AAE = Auditing, Assurance, & Ethics

(3) BRE = Business & Regulatory Environment

(4) SS&SG = Shari’ah Standards & Shari’ah Governance

Certification

Examination

Examination + Practical Experience Requirement (PER) Report

Examination

1 Exam

4 Exams

Practical Experience

No

Yes (1 year unless exempted)

Eligibility criteria for CIPA

Minimum eligibility requirement:

Undergraduate or postgraduate in discipline of accounting, economics, business, or commerce with 55% marks; or relevant professional qualification (exemptions available for academically strong Candidates having A levels / High School qualifications); or

a member of accounting professional bodies which are IFAC members or any other accounting and finance related professional membership / affiliation recognized by AAOIFI from time to time

Must fulfil eligibility criteria within 3 years of CIPA Program Registration in order to earn the CIPA certification, otherwise Candidate shall stand disqualified and will have to re-register for the CIPA program anew.